• Assets and liabilities. Prepare a list, in broad categories, of assets, such as stock and bonds, home, IRA. Show estimated market value of each category and the name on the title. Include life insurance, showing name of policy owner, beneficiary, face amount and cash value. List the beneficiaries of your IRA and employer benefit plans. Include information regarding any potential inheritance. Also, prepare a list of major liabilities. Your present and estimated future net worth is important so the attorney can minimize taxes.
  
  
• Current will and trust. Bring your current will and any trust instrument you have created or that lists you as one of the beneficiaries.
  
  
• Beneficiaries. Prepare a list of people or charities you want to receive your assets and how much or what percent of the estate should go to each. If you have minor children, you can limit what they receive to their needs for support and education; distributing the remainder can be delayed until they are more mature. If you have assets with sentimental value, like your wedding ring, that you want to go to particular people, tell your attorney. If one of your beneficiaries is a spendthrift or requires extra care, tell your attorney.
  
  
• Executor, trustee and guardian. Think carefully about the person or trust department you want to serve after you are gone. The estate executor should be capable and reliable enough to gather assets, pay debts, make distributions and file tax returns for the estate. If you want a trust, the trustee should be capable and reliable enough to invest the assets and make beneficiary distributions wisely. The guardian of your minor children should be a person who will give them the loving care you would.
  
  
• Financial power of attorney. A financial power of attorney allows you to appoint someone to make financial decisions if you become incapable.
  
  
• Living will and health care power of attorney. These documents grant health care decision authority. You can have either or both. With the power of attorney, you delegate the authority to a particular person. With the living will, however, you direct health care professional as to the specific types of life sustaining medical treatment preferred. The authority you give under the power of attorney is available anytime you are incapable of making a healthcare decision, like if you are unconscious, even if you are not terminally ill. The authority you give under the living will, however, is effective only when there is no reasonable expectation of recovery.
  
  
• Questions. Prepare a list of questions you might have.
  

A visit to your attorney may not be as much fun as a visit to Santa Claus, but it will result in a great gift to those you love.(more at Estate Planning)

THE MORAL: Where there's a will there's peace of mind.

Released 1-14-02